Frequently Asked Questions
What should I look for at my inspection?
Inspections are highly recommended. Your inspector will explain the process and let you know exactly what they will be looking for. The inspection report will reveal defects in the home that are not easily detected: electrical issues, water damage, plumbing issues, structural issues, and anything that would prevent you from enjoying your new home to the fullest extent. As the buyer and the eventual new owner of the property, your job is to understand how things work in the home you are about to buy.
How much do I need for a down payment?
The amount of your down payment is dependent on a number of factors. Credit profile, financial ability, and loan program all play a role in allowing you to contribute to the loans products you will qualify for available loans. Many buyers put between 3.5-20% depending on their unique underwriting criteria. There are programs out there to give you the money you need.
Guaranteed Rate – Joel Schaub
Crossover Financial Group – Jim Bibizas
What is earnest money?
It is a good faith payment to the seller that becomes part of your down payment at closing.
Can I afford to buy?
Everyone’s situation and experience is different. Talk to one of our licensed professionals to determine which programs are right for you in order to purchase a home.
How much do I pay a broker to help me buy a house?
Actually, the seller’s broker compensates your broker when you’re on the buying side of the deal, and this has no impact on your purchase price. Working with a broker ensures your interests are being represented and through negotiation can lead to lower purchase prices. Learn more about Our Approach for Buyers.
What are buyer/seller markets?
- A buyer’s market is when there are more listings than buyers in the market. You can expect less competition which often leads to better deals/lower prices.
- A seller’s market is when there are more buyer than listings on the market. You can often expect multiple offer situations and higher prices.
What rights do I have as a tenant?
Your rights are outlined in the Residential Landlord Tenant Ordinance
How do I choose the Neighborhood that’s right for me?
Spend time exploring the many neighborhoods on foot or by car to get the real experience and feel. We’re all unique and looking for different things.
How long does it take to buy a home?
Depending on your situation and purchasing power the timeline can be anywhere from 2 weeks to 2 years. Every situation is different and we’re here to educate you and help every step along the way.
Tagline
Malik B.
Elements for creating efficient
“As a first time home buyer who had only recently moved to Chicago, I was extremely fortunate to get Travis Binns as my real estate agent, who helped guide me through every step of the process and made the entire process seem effortless.”
Tagline
Malik B.
Elements for creating efficient
“As a first time home buyer who had only recently moved to Chicago, I was extremely fortunate to get Travis Binns as my real estate agent, who helped guide me through every step of the process and made the entire process seem effortless.”
Tagline
Malik B.
Elements for creating efficient
“As a first time home buyer who had only recently moved to Chicago, I was extremely fortunate to get Travis Binns as my real estate agent, who helped guide me through every step of the process and made the entire process seem effortless.”